You can use a fixed deposit account from 1 month up to 10 years of length. The profit rate will also be better if you deposit it for longer time periods.
Yes, you can ask the bank to pay the profit on a monthly basis however the rate of interest or profit rate will only be charged or calculated on annual basis.
Yes, you can withdraw your funds from your fixed term bank account however some banks may charge a penalty or a fee for early withdrawals than a fixed maturity date.
Other Details
Best Suitabe For
Long term savings
Target Age Group
18 - 70 years
Interest Rate / Profit Rate
10.03%
Interest Calculation Frequency
-
Profit Payment Frequency
Monthly
Currency of Account
PKR
Free ATM / Debit Card?
ATM Card Network
PayPak / UnionPay
Free Cheque Book?
Manage with App?
Branch Banking
Online Banking?
Other Bank Accounts from MCB Islamic Bank
MIB Barkat Saving Premium Account
APR
19.75%
Open Account with
Rs.
1,000
An ideal account for individual, Firms and for Companies with higher return on deposit